AVENGERS BOMB CHEVRON’S OIL FACILITIES AGAIN, ATTACK GUARDS

The rampaging militant group, Niger Delta Avengers, on Wednesday night attacked three oil manifolds belonging to Chevron Nigeria Limited around the creeks of Warri in Warri North Local Government Area of Delta State.

 

There was however a drama after the militants blew up the facilities as they opened fire on local surveillance youths who had attempted to know what was happening following the explosions.

 

Read more @ Punch Online

REPS, LAW COMMISSION TO REVISIT PIB

The House of Representatives and the Nigerian Law Reform Commission are set to commence debate on the need for the reform of the legal framework of the nation’s petroleum industry.

 

The debate is to draw lessons from the failure of the attempts by both the former President Goodluck Jonathan and the 7th National Assembly to ensure the successful passage of the Petroleum Industry Bill.

 

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NIGERIA RISKS LOSING OIL BUYERS TO IRAN, SAUDI ARABIA

Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said.

 

Following the spate of production disruptions largely caused by the recent upsurge in militant attacks on oil infrastructure in the Niger Delta that have cut Nigeria’s output to the lowest in almost three decades, exports of the commodity from the country have taken a serious beating

 

Read more @ Punch NG

TOTAL, MMF CREATE EMPLOYMENT WITH SOLAR TECHNOLOGIES

Total Nigeria Plc and the Murtala Muhammed Foundation have moved to empower Nigerians in isolated areas leveraging solar technologies.

 

With the initiative, the firm said it was poised to empower women, youth corps members and local small business owners by training them in solar lamps usage and marketing.

 

Read more @ The Punch Online

BUHARI FIRES MDS OF NNPC SUBSIDIARIES

President Muhammadu Buhari on Tuesday evening fired the managing directors of the subsidiaries of the Nigerian National Petroleum Corporation and retired 38 top management staff of the firm, trimming down their number from 122 to 83.

 

The President also approved four new directorates for the national oil corporation and appointed four directors to man them.

 

Read more @ Punch Online

FG, FIRMS LOSE N67BN AS OIL EXPORTS FALL

Amid sustained low oil prices in the international market, Nigeria saw a significant decline in the import of its crude by some of the main buyers, including India, in the first quarter of the year.

 

The Federal Government and oil companies in the country may have lost at least N67bn ($339m) in February and March this year as the country’s crude oil exports dropped by 1.860 million barrels and 4.085 million barrels respectively, compared to the January export level

 

Read more @ Punch Online

 

 

ARCO'S SUIT AGAINST AGIP ADJOURNED TILL OCT

A Federal High Court sitting in Port Harcourt on Tuesday adjourned till October 26, 2015, to determine if it has the jurisdiction to hear the suit filed by an indigenous oil servicing firm, Arco Group Plc, against the Nigerian Agip Oil Company Limited.

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LOCAL UNDERWRITERS RETAIN 60% OF OIL, GAS RISKS

Local underwriters are increasing their stake in the juicy but highly risky oil and gas business, which used to be dominated by foreign insurance firms.

 

The Nigerian insurance sector has been able to reduce capital flight in the oil and gas industry by increasing its retention rate of the underwriting business to 60 per cent, investigation has revealed.

 

Read more @ Punchonline